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Social Democrat mayor of Hamburg set to become German Finance Minister

Olaf Scholz, a Social Democrat (SPD) who is mayor of Hamburg, is set to become German Finance Minister in a new coalition government with Chancellor Angela Merkel’s conservatives, German news agency DPA reported on Wednesday.

The SPD tends to favor spending over austerity, suggesting there will be a move away from the firm fiscal policies championed by former conservative Finance Minister Wolfgang Schaeuble.[Reuters]